-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RJj+14CmHU/0YfEAeWhqMUXURy98stV7qeMc7LBBbyUhTSw+oB+xvIV+Jfph5suN D30Z7OE75M8QI99v3C1uAA== 0001157523-03-003212.txt : 20030723 0001157523-03-003212.hdr.sgml : 20030723 20030723160631 ACCESSION NUMBER: 0001157523-03-003212 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030723 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IBIS TECHNOLOGY CORP CENTRAL INDEX KEY: 0000855182 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 042987600 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23150 FILM NUMBER: 03798423 BUSINESS ADDRESS: STREET 1: 32 CHERRY HILL DR CITY: DANVERS STATE: MA ZIP: 01923 BUSINESS PHONE: 9787774247 MAIL ADDRESS: STREET 1: 32 CHERRY HILL DR CITY: DANVERS STATE: MA ZIP: 01923 8-K 1 a4439322.txt IBIS TECHNOLOGY 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 23, 2003 ------------- Ibis Technology Corporation ------------------------------------------------------ (Exact name of registrant as specified in its charter) Massachusetts 0-23150 04-2987600 - ------------- ------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 32 Cherry Hill Drive, Danvers, Massachusetts 01923 - --------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (978) 777-4247 -------------- Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit 99.1: Press Release dated July 23, 2003 Item 9. Regulation FD Disclosure Ibis Technology Corporation has reported its second quarter ended June 30, 2003 financial results. The Company's press release dated July 23, 2003 announcing the results is attached hereto as Exhibit 99.1. All the statements and information in this Form 8-K are hereby furnished under Item 12 (Results of Operations and Financial Condition). Ibis' website (www.ibis.com) contains a significant amount of information about Ibis, including financial and other information for investors. Ibis encourages investors to visit its web site from time to time, as information is updated and new information is posted. Item 12. Results of Operations and Financial Condition Ibis Technology Corporation has reported its second quarter ended June 30, 2003 financial results. The Company's press release dated July 23, 2003 announcing the results is furnished hereto as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IBIS TECHNOLOGY CORPORATION Date: July 23, 2003 /s/ Debra L. Nelson ----------------------------------------- Debra L. Nelson, Chief Financial Officer EXHIBIT INDEX ------------- Exhibit Number Description - ------- ----------- 99.1 Ibis Technology Announces Second Quarter 2003 Results EX-99 3 a4439322ex991.txt EXHIBIT 99.1 Exhibit 99.1 Ibis Technology Announces Second Quarter 2003 Results DANVERS, Mass.--(BUSINESS WIRE)--July 23, 2003-- Total revenue of $11.7 million, includes i2000 system sale; net income reaches $1.2 million, or $0.13 per share Ibis Technology Corporation (Nasdaq NM: IBIS), the leading provider of SIMOX-SOI implantation equipment and SIMOX-SOI wafers to the worldwide semiconductor industry, today announced record financial results for the second quarter ended June 30, 2003. Total revenue for the quarter was $11.7 million, up 730 percent compared to total revenue of $1.4 million in the preceding quarter and up 530 percent as compared to $1.9 million reported in the second quarter of 2002. Net income for the 2003 second quarter was $1.2 million, or $0.13 per share, compared to a net loss of $4.3 million, or $0.45 per share, in the preceding quarter, and a net loss of $4.0 million, or $0.43 per share, in the similar period a year ago. For the first half of 2003, total revenue was $13.1 million compared to $3.5 million for the first half of last year. Net loss for the first six months of 2003 was $3.1 million, or $0.32 per share, compared to a net loss of $7.8 million, or $0.87 per share, for the same period last year. According to Chief Executive Officer Martin Reid, Ibis Technology's record breaking quarterly total revenue and earnings were due to both equipment revenue from the sale of an i2000 implanter and to record wafer sales. "During the quarter, the i2000 implanter we shipped to our largest customer late last year was accepted. As a result, we recognized revenue of approximately $8 million in the second quarter. This acceptance serves as a signal to prospective implanter customers that our new implanter has been tested in a customer-oriented production mode," added Reid. "Quarterly wafer sales exceeded $3.5 million, setting a new record," said Reid. "The majority of wafers shipped were 300 mm wafers, consistent with our expectation that the semiconductor industry is adopting SOI technology coincident with its transition to 300 mm wafer size. The fact that our SIMOX-SOI technology scales so easily to the 300 mm wafer size, combined with the outstanding performance of our new i2000 implanter, puts us in a strong position to support the IC industry's accelerating adoption of SOI." Reid also explained that the company continues to advance its SIMOX-SOI technology. "Ongoing process development work done under the auspices of a joint development agreement with our largest customer has resulted in a new and improved SIMOX-SOI process. This new process provides even higher quality wafers, while improving productivity and lowering wafer cost. Wafers produced by this new process will begin shipping in the third quarter." The majority of the cash from the implanter sale was received in the fourth quarter of last year. The company estimates that it has adequate cash available for at least nine months of operation and continues to carefully manage its cash position. In addition, the company is planning to take measures necessary to insure the availability of sufficient cash to expand and invest in the business. Corporate Outlook Commenting on the company's future outlook, Reid said, "We expect wafer sales in the third quarter to increase somewhat as our major customer continues to ramp their production of SOI-based chips. However, the market for SOI wafers is still in a relatively early stage of development and since a majority of our revenue is from one customer, significant variations, quarter to quarter, remain likely. We continue to expect wafer sales for 2003 to be higher than those of 2002. We also continue to anticipate booking orders for one-to-three implanters during this fiscal year." Teleconference and Simultaneous Webcast Ibis will host a teleconference to discuss its second quarter results on July 23, 2003 at 5:00 p.m. ET. The dial in number to listen to the conference call is 719-457-2630. A live webcast of the conference call will be available at the Ibis Technology web site at www.ibis.com or at www.streetevents.com. A replay of the call will be available on these web sites for approximately one week. About Ibis Technology Ibis Technology Corporation is the leading provider of oxygen implanters for the production of SIMOX-SOI (Separation-by-Implantation-of-Oxygen Silicon-On-Insulator) wafers for the worldwide semiconductor industry. The company is also the world's leading producer of SIMOX-SOI wafers. Headquartered in Danvers, Massachusetts, the company maintains an office in Aptos, California, as well. Ibis Technology is traded on the Nasdaq National Market under the symbol IBIS. Information about Ibis Technology Corporation and SIMOX-SOI is available on Ibis' web site at www.ibis.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 This release may contain forward-looking statements that are subject to certain risks and uncertainties including statements regarding the Company's current expectations that the new advanced SIMOX process meets the needs of the most advanced ICs, wafer sales for 2003 will be higher than those of 2002, that the Company will book orders for one-to-three implanters during this fiscal year, the Company's estimate that it has adequate cash available for at least nine months of operation and that sufficient cash will be available to support company operations and growth. Such statements are based upon management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements, including, but not limited to, product demand and market acceptance risks, general economic conditions, the impact of competitive products, technologies and pricing, the impact of rapidly changing technology, equipment capacity and supply constraints or difficulties, limitations on the ability to protect the Company's patents and proprietary technology, the Company's limited history with regard to sales of implanters, the cyclical nature of the semiconductor industry, and other risks and risk factors described in the Company's Securities and Exchange Commission filings from time to time, including but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2002. All information set forth in this press release is as of July 23, 2003, and Ibis undertakes no duty to update this information unless required by law. Ibis Technology Corporation Condensed Statements of Operations Quarter Ended June 30, 6 Months Ended June 30, 2003 2002 2003 2002 Product sales $ 3,532,000 $ 1,575,000 $ 4,208,000 $ 2,981,000 Contract and other revenue 28,000 100,000 526,000 172,000 Equipment revenue 8,162,000 183,000 8,396,000 330,000 Total revenue 11,722,000 1,858,000 13,130,000 3,483,000 Cost of product sales 4,632,000 3,314,000 7,506,000 6,282,000 Cost of contract and other revenue 10,000 5,000 28,000 87,000 Cost of equipment revenue 3,685,000 95,000 3,805,000 159,000 Gross profit 3,395,000 (1,556,000) 1,791,000 (3,045,000) General & administrative 568,000 612,000 1,187,000 1,142,000 Marketing & sales 307,000 401,000 661,000 773,000 Research & development 1,297,000 1,555,000 3,033,000 3,010,000 Income loss from operations 1,223,000 (4,124,000) (3,090,000) (7,970,000) Other income 3,000 97,000 30,000 156,000 Net income (loss) $ 1,226,000 $ (4,027,000) $(3,060,000) $(7,814,000) Net income (loss) per share Basic $ 0.13 $ (0.43) $ (0.32) $ (0.87) Diluted $ 0.13 $ (0.43) $ (0.32) $ (0.87) Weighted average number of shares used in per share calculation Basic 9,485,507 9,420,391 9,480,252 8,968,823 Diluted 9,501,079 9,420,391 9,480,252 8,968,823 Condensed Balance Sheets June 30, 2003 December 31, 2002 Assets Current assets: Cash and cash equivalents $ 6,486,000 $ 11,746,000 Accounts receivable 1,177,000 1,599,000 Unbilled revenue 528,000 -- Inventories 2,231,000 1,231,000 Deferred costs -- 2,621,000 Other current assets 234,000 113,000 Current assets 10,656,000 17,310,000 Property and equipment 30,749,000 32,495,000 Other assets 1,757,000 1,894,000 Total assets $ 43,162,000 $ 51,699,000 Liabilities and Stockholders' Equity Current liabilities: Capital lease obligation, current $ 1,497,000 $ 1,501,000 Accounts payable 2,119,000 897,000 Accrued liabilities 3,003,000 2,396,000 Deferred revenue 252,000 6,966,000 Current liabilities 6,871,000 11,760,000 Capital lease obligation, long-term 436,000 1,184,000 Stockholders' equity 35,855,000 38,755,000 Total liabilities and stockholders' equity $ 43,162,000 $ 51,699,000 CONTACT: Company Contact : Ibis Technology Corporation Debra L. Nelson, 978/777-4247 or Agency Contact : For Ibis Technology Bill Monigle, 603/424-1184 -----END PRIVACY-ENHANCED MESSAGE-----